Political pressure groups and leaders: employers' organizations,
expellee, refugee, trade unions, and veterans groups
International organization participation: AfDB, AsDB, Australia
Group, BDEAC, BIS, CBSS, CCC, CDB (non-regional), CE, CERN, EAPC,
EBRD, ECE, EIB, EMU, ESA, EU, FAO, G- 5, G- 7, G-10, IADB, IAEA,
IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO,
IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, IOM, ISO, ITU, MTCR,
NAM (guest), NATO, NEA, NSG, OAS (observer), OECD, OPCW, OSCE, PCA,
UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIKOM, UNMIBH, UNOMIG, UPU, WEU,
WHO, WIPO, WMO, WToO, WTrO, ZC
Diplomatic representation in the US: chief of mission: Ambassador Juergen CHROBOG chancery: 4645 Reservoir Road NW, Washington, DC 20007 consulate(s) general: Atlanta, Boston, Chicago, Detroit, Houston, Los Angeles, Miami, New York, San Francisco, Seattle
Diplomatic representation from the US: chief of mission: Ambassador John C. KORNBLUM embassy: Deichmanns Aue 29, 53170 Bonn mailing address: PSC 117, APO AE 09080 branch office: Berlin; mailing address: Neustaedtische Kirchstrasse consulate(s) general: Dusseldorf, Frankfurt am Main, Hamburg, Leipzig, Munich
Flag description: three equal horizontal bands of black (top), red, and gold
Economy
Economy—overview: Germany possesses the world's third most powerful economy, with its capitalist market system tempered by generous welfare benefits. On 1 January 1999, Germany and 10 other European Union countries launched the European Monetary Union (EMU) by permanently fixing their bilateral exchange rates and giving the new European Central Bank control over the zone's monetary policy. Germans expect to have the new European currency, the euro, in pocket by 2002. Domestic demand contributed to a moderate economic upswing in early 1998, although unemployment remains high. Job-creation measures have helped superficially, but structural rigidities—like high wages and costly benefits—make unemployment a long-term, not just a cyclical, problem. Although minimally affected by the Asian crisis in 1998, Germany revised its 1999 forecast downward at the beginning of the year to reflect anticipated effects from the global economic slowdown. Over the long term, Germany faces budgetary problems—lower tax revenues and higher pension outlays—as its population ages. Meanwhile, the German nation continues to wrestle with the integration of eastern Germany, whose adjustment may take decades to complete despite annual transfers from the west of roughly $100 billion a year.
GDP: purchasing power parity—$1.813 trillion (1998 est.)
GDP—real growth rate: 2.7% (1998 est.)
GDP—per capita: purchasing power parity?$22,100 (1998 est.)